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Quote by Hendrith Smith

“Sometimes the economy is unpredictable. Sometimes markets and industries are unpredictable. Sometimes unpredictable things happen that could impact the company. That's why your company needs to have a healthy amount of liquidity; accessible cash. And that's why the company needs to be nimble and able to adapt. A nimble and adaptable company with healthy cash reserves is better positioned to thrive even through unpredictable circumstances.”

Quote by Hendrith Smith

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Hendrith Smith

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“[T]he ABCP market was built on a fatal flaw: a significant mismatch between the duration of the underlying assets (long-term) and the duration of the paper itself (short-term). While this structure is not unusual -- banks use it all the time -- the crucial difference is that banks have a strong liquidity provider in the event of a problem: the Bank of Canada. The trusts, however, were left in limbo.”

“Officers like Braxton Bragg and Jefferson Davis left the army to seek their fortunes with enslaved labor farms, but Lee was the only senior officer who was actually in charge of hundreds of enslaved workers and in the U.S. Army in 1861. By the time he chose succession, Lee identified far more with the southern slaveholding class than he did with his fellow officers. He certainly spent more time managing enslaved workers than he did leading soldiers.”